Thursday, May 12, 2016

Why is Edelweiss Tokio Life Criticare one of the best critical illness plans

Why is Edelweiss Tokio Life –
Criticare+ one of the best critical illness plans?

If you have friends in Canada or the
United states, chances are that you've heard them praise the healthcare system
umpteen times. They keep on talking about how the healthcare system sees to it
that every citizen's health is looked after by the government at subsidized
rates or free of cost.

This reassurance is what we lack in
India. Generally, we are more prone to onset of serious ailments unlike
any other time in the past. These are
some of the types of critical illnesses that can affect individuals:

Heart Attack

Kidney
Failure which may lead to an Organ Transplant or dialysis

Paralysis

Various
types of cancer

Burn
injuries

If we take a look at the cost of
managing these illnesses, it seems beyond the reach of a common man. Costs of
regular dialysis can range between Rs.50000-2 lakhs depending upon the city and
the severity of the condition.

If the condition requires a kidney
transplant, costs range between Rs.4-7 lakhs. A heart bypass surgery, medically
known as CABG(Coronory Artery Bypass Grafting) costs anywhere between Rs.1.3
lakhs to 3 lakhs depending upon the kind of hospital and the city in which you
are getting it done.

All the above are actually only hospitalization
costs. But what about the impact of being unable to work due to the recovery
process? That is something that is not covered by mediclaim. Recovery from a
CABG surgery will take at least 4 to 6 weeks, after which you may take around 2
months or so to actually be fit enough to take the stress of work, travel, etc.
If you've undergone a kidney transplant, it may take you around 2 to 6 months
to recover. During this period, if you are the breadwinner for the family, you
may find it difficult to make ends meet and you may end up exhausting all your
lifetime savings.

How do you prepare yourself
financially for this setback? A critical illness insurance can help you recover
these expenses. Critical illness insurance provides a lumpsum amount on the
diagnosis of any illness that is pre listed in the policy. There are many
critical illness plans available in the market. Some only provide cover against
cancer like Aegon and HDFC Life. Some general insurance companies cover
multiple illnesses but they are expensive and do not provide a high sum
assured. The sum assured provided by them could be maximum 10 to 15 lakhs for a
high premium. There is a critical illness plan provided by Edelweiss Tokio
Life. This is a stand alone plan and not a rider. The premium rate is also
reasonably low for a high sum assured and it covers 17 critical illnesses which
are most common in India. Edelweiss Tokio Life – CritiCare+ stands out when compared to others because
it’s the only plan which provides a multi claim option and a waiver of premium
after the first claim, it provides a good mix of flexibility and wide coverage.
The probability of falling prone to a second critical illness increases after being
diagnosed by the first critical illness. It helps if you have a policy like
Edelweiss Tokio Life – CritiCare+ where you can claim upto 3 times during the
policy tenure. Also, with the waiver of premium option, you can discontinue
paying of premiums after the first claim which will help you in cases where
your income generating capability is hindered due to a critical illness.